There are many acronyms and specialised terms used in the Asset Management arena. Some terms are well defined and others are not.

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Active Asset - "Active Asset" is a term that is sometimes used by some valuers (and others) to describe above-ground networks assets (e.g. reservoir, pump station).

Asset - An asset is an object (physical or intangible) that has an identifiable value and a useful life greater than 12 months, that is or could be used by the entity responsible for it to provide a service.